My assumption is that any market with a 'Surplus' will not only have good deals in the present, but will become more desirable in the future.

You underscore your desire to help your friend however you would have been happy to profit.

Any lead where you see potential motivation - jump on (if it fits your buyer's criteria or you know it's a desirable location).

I've never bought in CA and have no desire to.

There are not many opportunities to do so around lsu however, that is in a desirable area, but you could always live in one room and rent out the rest, in a house with proper zoning.

Its located on the waterfront in a desirable location in our most popular City.  

It is still undervalued and has private capital investments surrounding it this last year (>$150 M), better access to public transit, parks, border more desirable neighborhoods and I believe to be safer but do not have the stats in front of me to confirm.  

There is just no telling which approach will produce the greatest amount of desired results until you try it.

If your credit and income was high enough I wouldn't care about a non-violant non-sexual felony. 

Close to Duke Univ, Trinity Park, and other desirable neighborhoods, nice sized lot.